Cebu Landmasters books P2.2 B reservation sales in Q1
MANILA, Philippines - Property developer Cebu Landmasters Inc. (CLI) recorded P2.2 billion in reservation sales in the first quarter.
In an interview following the company’s investor briefing Wednesday, CLI president Jose Soberano III said the company’s first quarter reservation sales are equivalent to about three-fourths of the P2.9 billion in reservation sales it posted for the whole of in 2016.
Soberano said reservation sales booked in the first quarter will be recognized between 2018 and 2019. “What I can tell you at this stage, we’re either on track or advanced in terms of development,” Soberano said.
At present, the company has a total of 28 completed, ongoing and newly launched projects in the Visayas Mindanao.
Soberano attributed the strong reservation sales to the focus of the company on the VisMin area, as it allows the company to manage their properties well.
“We’re just really focusing on the Visayas. We’re very comfortable with that market,” Soberano said.
Soberano said the VisMin market would remain its key focus even after the firm goes public next month.
“Management wise, keeping our margins, making things work – VisMin is going to be our surface,” he said.
Asked if the company has plans of venturing into projects in Luzon, particularly the Metro Manila area, Soberano said there is still so much opportunities present in the VisMin area. “It’s not because we don’t like their properties, but we’re just saying (there are) opportunities awaiting for us in VisMin,” Soberano said.
CLI is looking to raise as much as P2.9 billion from its initial public offering (IPO) of 505 million shares with an over-allotment option of 75 million shares. Share are priced at P5 apiece.
The offering will run from May 19 to 26, while listing date is scheduled on June 2.
Proceeds of the offer will be used for the company’s expansion plan, particularly for land acquisition and development costs of new and ongoing projects.